Buy life insurance for your parents is a good idea. Besides, it is highly recommended even though your parents don’t want you to buy for them. If your parents are below 70 years old and no major medical issues or medical problems, find an agent and ask the agent about the cost you have to pay for the premiums.
Remember, the price of the insurance premium was increasing every year. An individual whose age is 35 can pay low premiums than a 60 year old person. However, even if your parents are old enough, still you can insured them if you want.
First and foremost, why you need to buy life insurance policies for your parents? Maybe you think, it is an investment. That should be the reason why you need to buy, the reason should be “because you love your parents” and you want them a full protection.
If you are following Insurance-Premium.net blog, you may observed that we published articles based on the questions asked by our readers, and this page is one of them.
Georgette F is a saleslady in Illinois, USA. A 27 lady worries about her parents. Her parents has no medical issue, it means they are still healthy. Her father is 62 year old and her mother is 58. She then asked,
I believe life insurance has a big role in our community especially in our family. My parents asked where did I bought my personal insurance. They noticed that they are my beneficiaries. They want to have their personal insurance, too. I want to know, can I get life insurance on my parents? Since I have their permission, I want to know the proper procedures.
Received: July 26, 2015 @ 9:30 pm
via Email Message
Buy Life Insurance for Your Parents Online
No, that’s not what you think. What you can do online is just a “quote”. Try to search the best life insurance companies using Google search. Then choose one. After that, go to their official website and request a quotes.
You need to fill in the information such as the age of your parents, their health conditions and decide how much coverage. The higher the amount, the higher the premium you will pay. Insurance premium can be paid monthly, quarterly or annually.
Is it a Good Investment if You Buy Life Insurance for Your Parents?
Maybe or maybe not. Think about this, if your parents have serious illness or severe diseases, would you still insured them? Will you pay for their policies even it may cost you a lot of money? For what? For the return? For the benefits you can get when they leave you?
If your answer is yes, then you should consider the cost of coverage. As we have said, the higher the face amount, the higher it will cost you much.
Then, if you answer is no. Then just insured them because you love them. Besides, they took care of you for a long time. Now, is the best time to take care of them, too. The reason why you want them to get insured should be loved not because of the benefits you can get as their beneficiaries. Here what you should do;
- Find an insurance agent.
- Get a medical check up for your parents
- Go to the insurance company with your parents
- Decide which type of life insurance (term, whole or variable life)
- Decide who is the beneficiaries (you and other youngest siblings)
- Pay for the premiums
- Receive the life insurance policies
- Take care of the policies.
Buy Life Insurance for Yourself
If your family rely on you financially, you should avail life insurance. No wonder why many breadwinners of the families has their own life insurance policy.
If you think this article won’t satisfy your question, then leave a comment. Other readers might give their own opinion and insurance experts read your comments and give you a proper advice if you will buy life insurance for your parents or not.